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How Insurance Needs Change at Every Stage of Life?

Updated On Aug 15, 2021

When an individual is young and has just started earning their own money, as such there is no critical need of having an insurance plan. A person can still choose to buy one in case they are having dependents. However, to safeguard themselves from permanent disability and personal accident, an individual must purchase a life insurance plan. One of the advantages of purchasing a life insurance plan at an early stage includes lower premium amount. However, it is not possible for every person to buy a life insurance plan in the early phase of their life. But the thing to be noted here is that an individual can buy a life insurance plan at any of the life stages.

Let us understand better by considering the below examples:

At Age 25 Years

This is the stage when you begin your career and have minimum financial burden. The main objective of buying a life insurance plan is to help in saving taxes on the salary earned. The greatest advantage of purchasing a life insurance plan early in life is you are required to pay lesser premium amounts. This is because of the fact that insurance providers think that you are young and healthy, which leads to less possibility of death.

At Age 30-35 Years

This is the age when you have obligations and responsibilities. You have stepped into the world of marriage, mid-life crisis, kids, job switch, promotion, auto and home loan. All of the afore-mentioned things need sufficient financial planning. Moreover, in case you are the sole bread earner of the family, then your life situation can become even more hard because your entire family is more or less dependent upon you to meet their financial needs. This is the major reason why you must purchase an insurance plan at this stage of your life.

At Age 40 Years

This is the phase of life when you are burdened with the thoughts of savings and meeting financial obligations. It may have happened that your auto loan may have got cleared, however, the higher education cost for your child may have not decreased. At this stage of life, it is possible that you may suffer some illness or other. Taking into consideration that your financial plans have been successful yet you would still need enough savings in order to lead a stress free life. One of the feasible options to tackle this situation is to buy a whole life insurance plan.

At Age 50 Years

This is finally the stage where you start looking forward to an accomplished retired life. When you are finally relieved from your responsibilities towards your children, it is the time to think about your health and future. To avoid the condition of sacrificing on your lifestyle and depending on someone else for your daily needs, you need to ensure that you and your spouse are financially independent. You can successfully safeguard your retirement goals by buying a life insurance plan with the option of a critical illness rider.

In a Nutshell

To convey your family members that you cherish and care for them, it is wise to get insured with an insurance plan. There are several insurance products available in the market that meet the requirements of you and your family members at every phase of life. A life insurance plan serves various objectives like from offering monetary relief to financial protection, an individual can avail various benefits to lead a protected and stress free life.

Also read 

What Is The Need To Purchase A Term Insurance Plan?

5 Best Long Term Investment Options In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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